MGMT 490 Lecture Notes - Lecture 6: Strategic Planning, Strategic Management, North American Free Trade Agreement
Lecture note 6 MGMT 490:
• The emphasis of strategic management is on
• monitoring and evaluating external opportunities and threats in light of a
corporation's strengths and weaknesses.
• Research suggests that strategic management evolves through four sequential phases
in corporations. The first phase is
• basic financial planning.
• The time horizon involved with regard to basic financial planning is usually
• 1 year
• A difference between basic financial planning and forecast-based planning is
• forecast-based planning incorporates internal and external information.
• Top-down planning that emphasizes formal strategy formulation and leaves the
implementation issues to lower management levels is known as
• externally-oriented planning.
• In the final phase of strategic management, strategic information is available to
• people throughout the organization.
• In a survey of 50 corporations, which of the following was rated as a benefits of
strategic management?
• clearer sense of vision for the firm
• When an organization is evaluating its strategic position, which is NOT one of the
strategic questions that an organization must ask itself?
• How can functional and operational areas be improved?
• Research of the planning practices of companies in the oil industry concludes that the
real value of modern strategic planning is more
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